Private Maritime Securityarrow
One of the most challenging areas we are currently working in is the rapidly expanding and constantly developing field that is private maritime security.
Higos Insurance Services has been involved in developing insurance programmes for the industry since the inception of the current issues in the Gulf of Aden/north-west Indian Ocean and are now in a position to offer a complete package of cover for Maritime Security Companies.
Our first client (now one of the region’s largest providers of onboard armed security) benefits from what we believe to be the best rate available in the marketplace today. We have also been heavily involved in negotiating a bespoke Maritime Security Liability policy wording and been able to accommodate the very stringent demands that some of the world’s leading shipping companies are making on the Security Industry.
Several recent developments have had a positive effect from an insurer point of view:
BIMCO’s Guardcon and guidance on the rules for the use of force have enabled several new insurers to enter the field for the first time and given the existing players the confidence to increase the competitiveness of their offerings.
SAMI’s accreditation programme.
There is now a reasonable amount of claims data available for the insurance industry and this has enabled them to table more realistic rates.
As more (and larger) shipping companies and their lawyers have become involved, bespoke contracts have generally become tighter and responsibilities clearer. This puts insurance underwriters back in their comfort zone and helps us to negotiate the best rates.
There are also several forthcoming developments which cannot fail to have an impact:
IMO’s newly adopted Piracy Guidance – coming soon
The introduction of ISO standards for the industry
We await these developments with interest but in the meantime we are capable of dealing with any enquiry from new start ups to established industry professionals.
In the four years since our Maritime security cover has been operational we have been tested across the board from a claims perspective.
Every claim made has been settled in our clients’ favour and these have ranged from £300,000 plus hull claims ( appropriated by a foreign government ), to emergency repatriation due to injury and death benefit Personal accident payment.
Our cover has several market leading enhancements and is backed by some of the most experienced underwriters in the London Market.
Please contact our Corporate Risks Manager, Donal Henry, on 07791 923 068 for more information.